How does your bank currently manage the loan approval process?
During the loan application process, you may be developing a paper file, adding documents to a shared drive, creating documents, or ordering documents from websites. You might be working from a physical paper file, a file on your network drive, or a combination of the two.
How soon can all of your employees access the documents that they need during the application process?
In this post, we’ll offer tips for streamlining early document capture, particularly during loan approval.
What is “Early” Document Capture?
Many banks wait until after the loan is booked to scan and upload documents. Early document capture pushes up the timeline, ensuring files are digitized from day one. Imaging documents earlier in the application process helps prevent bottlenecks and maximizes efficiency. By imaging documents sooner, you can avoid delivering a huge stack of papers to your post booking department to deal with once an application has been approved.
In addition, early capture frees up the clutter on your network drive. Instead, documents are organized in a more accessible and structured system, ensuring the right people have access to the documents they need most. This leads to a more streamlined loan pipeline and a faster booking period.
Don’t Just Upload: Route & Approve Electronically, Too
Going one step further, some early capture systems allow your loan approval team to review, route, and approve electronic documents.
A tool such as AccuApproval can allow your bank to build electronic workflows for routing applications from one step to the next. This is especially beneficial for financial institutions with large geographic footprints, centralized departments, and/or key people who are located in different offices.
For example, perhaps one of your credit analysts needs to send a file back to a lender who is located three counties away. Or, perhaps your credit analysis department is centered in one area and your document prep department is located on the other side of the same building. In either situation, transferring paper files can quickly become tiresome and a drain on productivity. The more a paper file is moved around, the higher the likelihood of human error or information loss.
Access Documents When You Need Them
Electronic routing and approval provides your users with instant access to application documents. This is especially beneficial when multiple users need access to a document at the same time. If you’re working with a paper application file and send it off to document prep, you can no longer access that file. If you’re working with an electronically captured file, multiple departments can access it when needed.
Learn How Early Capture Can Help Your Institution
Faster applications? Easier access to documents? Less stress?
Early capture and electronic workflows can help streamline the application process at your financial institution. Learn more about AccuApproval by talking to an AccuSystems expert today.